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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (9457)	3/6/1998 9:00:00 PM
From: Arnie	of 15196

FIELD ACTIVITIES / Ranger Oil reduces 1998 Capital Expenditure Program CALGARY, March 6 /CNW/ - Ranger Oil announced today that its 1998 Capital Expenditure Program has been reduced by US$50 million in light of lower oil prices. The revised program of US$235 million includes continuation of the major development activity in the North Sea and Angola scheduled for 1998. High-impact exploration drilling in the North Sea and the Northwest Territories in Canada is also unaffected. The expenditure reduction is in North America with lower exploration spending in Canada and the U.S. Gulf of Mexico and minimal expenditure for heavy oil. The revised program reflects the sharp drop in world oil prices since November 1997 and the consequent impact upon the Company's forecast revenues for 1998. In 1999 revenues and cash flow will be significantly higher as a result of the new production coming on stream in the North Sea and Angola. In addition to the capital reduction, the Board of Directors of the Company have decided not to declare an annual dividend for the year 1997. ISSUED BY: F. J. Dyment President and Chief Executive Officer

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